Encryption Morning Report: Hassert becomes the Fed's top choice for chair, SanDisk will replace Strategy in the S&P 500.

Author: Deep Tide TechFlow

Market dynamics yesterday

The United States released important economic data.

According to Jinshi Data, the U.S. September PPI monthly rate is 0.3%, expected at 0.3%, with a previous value of -0.10%. The U.S. September PPI annual rate is 2.7%, expected at 2.7%, with a previous value of 2.60%. The U.S. September retail sales monthly rate is 0.2%, expected at 0.4%, with a previous value of 0.60%. ADP weekly employment report: In the four weeks ending November 8, 2025, private sector employers averaged a reduction of 13,500 jobs per week.

Trump said he will visit China in April next year.

According to a report by Jinshi Data, Trump stated on social media that he will visit China in April next year. “The situation will only get better, and our relationship with China is very strong!” he wrote, noting that this call was a further communication following a “very successful” meeting held in South Korea. Since that meeting, both China and the United States have made “significant progress” in ensuring the relevance and accuracy of their bilateral agreements.

The SEC Investor Advisory Committee will hold a meeting on December 4 to discuss corporate governance and equity tokenization.

According to official documents, the U.S. Securities and Exchange Commission ( SEC ) Investor Advisory Committee will hold a virtual public meeting on December 4, 2025, focusing on topics such as changes in corporate governance regulation and the tokenization of equity securities. The meeting will also explore potential recommendations regarding the disclosure of the impact of artificial intelligence on issuers' operations. The meeting will start at 10 AM Eastern Time and will be broadcast live on the SEC's official website.

Bitwise: The DOGE ETF is set to launch, with the trading code BWOW.

According to the official announcement, the Bitwise Dogecoin (DOGE) ETF is about to be launched, with the trading code BWOW.

Pump.fun co-founder denies “company cashing out 400 million dollars”, claiming the fund transfer is a company fund management operation.

In response to Lookonchain's report that the “Pump.fun project team allegedly withdrew over $400 million within a week,” Pump.fun co-founder and CTO Dylan Kerler stated in a social media post that the company has not cashed out any funds and has not participated in the so-called transactions involving Kraken or Circle.

Dylan Kerler stated that the relevant fund transfer is part of the fund management operations of Pump.fun, transferring the USDC obtained from the PUMP ICO to different wallets so that the company can reinvest operating funds into business development.

Berachain co-founder responds to “Nova Digital has the right to a refund”: The information is incomplete and inaccurate, and Nova remains one of the largest token holders.

Smokey the Bera, co-founder of Berachain, responded on social media to the news that “Berachain is reported to have provided a $25 million refund option to Nova Digital in the Series B financing,” stating that the information is “incomplete and inaccurate.”

Smokey the Bera clarified the details of Brevan Howard's investment agreement: Brevan Howard co-led Berachain's B round financing a year ago through its Nova fund from its Abu Dhabi office, with investment terms identical to those of other investors. Nova's compliance team required additional clauses to guard against the risks of TGE failure and failure to list, thus both parties signed an additional commercial agreement, including a commitment to provide liquidity after the network launch.

Smokey the Bera emphasized that Nova remains one of the largest token holders of Berachain, holding the locked BERA tokens obtained from the Series B financing and the liquid BERA tokens purchased from the open market, and continuously increasing its holdings amid market fluctuations.

MegaETH: No longer advancing the $1 billion cap plan, will allow users to join the withdrawal feature.

According to the official announcement, MegaETH stated: “We encountered unexpected issues throughout the process, so we will no longer proceed with the $1 billion cap plan. The team will soon share a review of the events. At the same time, we will also include a feature that allows users to withdraw their funds, so that users who no longer wish to participate can do so.”

According to previous reports, after the completion of the $250 million MegaETH pre-deposit event, MegaETH announced last night that it will raise the limit to $1 billion.

Polymarket has obtained CFTC approval to amend its designated order, allowing it to provide brokerage access to U.S. users.

According to PR Newswire, the decentralized prediction market Polymarket has received approval from the U.S. Commodity Futures Trading Commission (CFTC) for the revised Order of Designation (, allowing it to provide compliant market access to users within the United States through an intermediary model.

SanDisk will join the S&P 500 Index on Friday, while Strategy has been excluded.

According to Morningstar, computer storage device manufacturer SanDisk Corp. will join the S&P 500 Index on Friday, having beaten Strategy Inc. )MSTR( for this position, replacing advertising marketing company Interpublic Group of Companies Inc.

Paxos announced the acquisition of New York-based crypto wallet startup Fordefi, with a transaction amount exceeding 100 million USD.

According to Fortune, crypto payment infrastructure company Paxos has announced the acquisition of New York-based crypto wallet startup Fordefi for over $100 million. Fordefi focuses on designing crypto wallet solutions for decentralized finance )DeFi( and currently has about 40 employees serving around 300 clients.

Paxos CEO Charles Cascarilla stated that this acquisition is to meet the growing DeFi access demands of clients. Fordefi will temporarily remain independently operated, but Paxos plans to eventually integrate its technology into its own infrastructure.

This is Paxos's second acquisition in the past year, having previously acquired the Finnish stablecoin issuer Membrane Finance to comply with EU cryptocurrency regulatory requirements.

MetaPlanet secures a $130 million Bitcoin collateral loan, with a total usage limit reaching $230 million.

The Japanese listed company MetaPlanet announced that it has executed a new loan of 130 million USD based on its credit line agreement, using its held Bitcoin as collateral. The credit limit is set at 500 million USD, with a total usage of 230 million USD. The company currently holds 30,823 BTC, which is sufficient to cover the collateral demand. The raised funds will be used to purchase additional Bitcoin, advance Bitcoin revenue business, and repurchase shares when market conditions allow. The company expects that this loan will have a slight impact on its performance for the fiscal year 2025.

Market Dynamics

Recommended Reading

Even the big short has opened a paid group.

This article explores the phenomenon of celebrities and investors achieving stable cash flow through paid groups, subscriptions, and membership systems, and analyzes the impact of information barriers on ordinary investors.

The Grass token holders meeting has ended; what information holds the key to wealth?

This article mainly introduces the content of the token holders' meeting of the decentralized project Grass, including information on revenue data, token buyback, airdrop timeline, business direction, and company structure, while analyzing its potential impact on future development.

A Quick Look at the Ten Winning Projects of ETHGlobal Buenos Aires Hackathon

This article discusses how the ETHGlobal Buenos Aires Hackathon brought together top talent from the Ethereum ecosystem, attracting developers to explore new application scenarios for blockchain. The event featured a prize pool of $500,000, with a total of 475 projects competing, of which ten winning projects spanned fields such as NFTs, DeFi, and prediction markets, showcasing the diversity and innovation of blockchain technology.

Interpretation of the White House's latest “Genesis Plan”: Reshaping the American Research System with AI

This article introduces the White House's launch of the “Genesis Program,” aimed at reshaping the U.S. research system through artificial intelligence (AI). The program, led by the Department of Energy (DOE), leverages supercomputers and federal scientific data to build a national AI platform for AI-driven experiments and automation. The program's goals include advancing research in fields such as biotechnology, critical materials, nuclear fission and fusion, and quantum information science, ensuring the U.S. maintains its dominant position in energy, supply chain security, and defense capabilities.

How to survive the Bitcoin winter? Investment strategies, advice, and bottom assessment.

This article mainly discusses the current state of the Bitcoin market, investment strategies, cyclical market analysis, and how to determine market bottoms. It provides investors with suggestions for coping with Bitcoin market volatility and elaborates on the advantages and disadvantages of investment methods such as long-term holding (HODL) and dollar-cost averaging (DCA), while also analyzing the impact of market sentiment and technical indicators on investment decisions.